Smart Lighting Market Worth $39.91 Billion by 2029 –

Redding, California, Oct. 05, 2022 (GLOBE NEWSWIRE) — According to a new market research report titled, ‘Smart Lighting Market by Offering (Hardware, Software, Services), Connectivity Mode (Wired, Wireless [Bluetooth, Wi-fi, Others], Hybrid), Application (Indoor [Residential, Commercial and Industrial], Outdoor) and Geography—Global Forecast to 2029’, the smart lighting market is expected to reach $39.91 billion by 2029, at a CAGR of 12.2% from 2022 to 2029.
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Smart lighting is defined as an LED-based lighting system with integrated sensors and controllers that are networked (either wired or wireless), enabling lighting products within the system to communicate and exchange data with other devices. Smart lighting is considered the new frontier of the global lighting industry, as there is an increasing trend of smart homes, the Internet of Things (IoT), and a connected world. In terms of major applications of smart lighting, the industry is currently focused on light intensity dimming, lighting color temperature adjustment, ambient sensing, and monitoring.

The growth of this market is driven by factors such as the rising demand for IoT-enabled lighting fixtures and smart lighting solutions, the growing need for energy-efficient lighting systems, and increasing smart home penetration. In addition, the rapid transition from traditional lighting to connected lighting solutions and the growing proliferation of smart cities are expected to offer significant opportunities for the growth of this market. However, the high initial costs of smart lighting equipment and accessories can restrain the growth of this market.

Impact of COVID-19 on the Smart Lighting Market

The COVID-19 pandemic emerged in Wuhan, China, in December 2019. By March 2020, the virus had spread to most countries, with the WHO declaring COVID-19 a global pandemic. Governments…